“It was a property that fits our acquisition profile,” Dan Dahl, YAM Properties director of real estate, told KTAR News 92.3 FM. “As we’re local here, I think we had a little bit of a competitive advantage over non-local groups that were vying for it.

New York-based real estate investment company iStar sold the property, which opened in 2006, for $133 million. It had been listed with an asking price of $142 million.

“The potential at Westgate is huge,” Parsons said in a news release. “Westgate currently offers visitors a wide variety of entertainment options, but we’re looking to develop features that will entice even more visitors and residents to this unique and vibrant Valley location.”

Projects under consideration for 33 acres of undeveloped property in the deal include a boutique hotel, additional multifamily residential, office and specialty entertainment retail space, the release said.

“There’s lots of opportunities,” Dahl said. “We’re going to kind of take our time an assess over the next few months what we can do, what needs to be done. … I think we’re just going to take our time and see what other opportunities may arise.”

Westgate is located next to Gila River Arena and just north of University of Phoenix Stadium.

“Mr. Parsons’ undeniable track record of success in business and investment strategy speaks for itself,” Glendale Mayor Jerry Weiers said in the release. “The fact that he is willing to make such a significant investment is a clear indicator that Westgate will continue to be an economic driver for our community.”